The pancake is really tough, the support level of 101500 has not been broken three times, and now this market is simply a dual massacre of bulls and bears.
The price is now stuck in a small level triangular fluctuation; it's not that easy to just smash down, but it's also difficult to surge up. The worst thing to do in such times is to stubbornly hold on; taking profits when the opportunity arises is the way to go!
My trading strategy is very simple:
For longs, wait for a pullback to the range of 101800-100000 before taking action; don't rush to chase highs.
For shorts, wait for a spike to the resistance zone of 105000-106000 before considering; don't enter prematurely and become cannon fodder.
Special reminder: FTX is going to have a second round of bankruptcy liquidation at the end of the month, which may stir things up. I estimate that the market may first fake a breakout and surge upwards to make a higher high, and then smash down after a top divergence signal appears on the 4-hour chart.
So don't be fooled by the fake breakout now; honestly, ambush long positions at the bottom of the range and short positions at the top, and avoid the murky area in between!
Remember, in this fluctuating market, the game is to sell high and buy low; don’t be greedy, take your profits and run!